11-307 - Responses to Comments Received on Consultation Drafts for a Uniform Securities Act and a Model Securities Administration Act [CSA Staff Notice - Rescinded]
| Published Date: | 2004-09-24 |
|---|---|
| Effective Date: | 2004-09-24 |
| Rescinded Date: | 2010-02-19 |
| Document(s): |
We received 27 comment letters on these consultation drafts. We thank the commenters for taking the time to respond to our request. Nearly all commenters expressed support for the USL Project and its objective of increasing the efficiency of the securities regulatory system. The list of commenters is attached as Appendix A to this Notice.
Appendix B to this Notice provides a detailed summary of all comments received together with the CSA responses. This summary, Appendix A and a full text of all the comment letters can be viewed on the Alberta Securities Commission web site at http://www.albertasecurities.com .
Regulatory Reform
The USL Project is the CSA’s proposal for significant and meaningful reform of our current system of securities regulation. In addition to harmonizing securities laws, the USL Project proposes mutual recognition and delegation of authority between securities regulators. These very significant features would facilitate “one-stop shopping” (or a “passport” system) for capital market participants across Canada. The CSA note that the consultation drafts have not been approved by any provincial or territorial government.
The USA contains the proposed core substantive provisions of securities laws that would be largely harmonizedacross the country. The SAA contains the procedural components of securities laws and is based on Alberta’s current securities legislation. Each jurisdiction would prepare its own securities administration act based on this model.
The positive comments we received on the concept proposal and the consultation drafts indicate that market participants support the adoption of streamlined and uniform securities legislation. The CSA look forward to working with our respective governments and stakeholders in the development of uniform securities legislation.
Contacts
Stephen P. Sibold, Q.C., Chair
Alberta Securities Commission
4th Floor, 300-5th Avenue S.W.
Calgary, AB T2P 3C4
stephen.sibold@seccom.ab.ca
Karen Wiwchar, Senior Legal Counsel
Alberta Securities Commission
4th Floor, 300 - 5th Avenue S.W.
Calgary, AB T2P 3C4
karen.wiwchar@seccom.ab.ca
September 24, 2004